Successful UPI payment confirmed on smartphone. Photo: X
Hyderabad: A senior Reserve Bank of India (RBI) official on Thursday, February 5, said that despite highest volumes of digital payments globally, financial losses in India due to fraud remain minimal.
Speaking at the Shield 2026 conclave in Hyderabad, P Vasudevan, Executive Director of the RBI, said that on average, just one fraudulent transaction occurs for every 1,01,242 digital payments.
On the financial loss, he said that for every Rs 1 lakh transacted digitally, only Rs 1.40 are lost.
Vasudevan said that the improvement is due to technology, regulatory safeguards and growing awareness among users.
He further said that as of January 31, 2026, around 81 crore transactions are handled every day. The value of the daily transactions is nearly Rs 9 lakh crore.
On the banking behaviour, the RBI official said that over 90 percent of banking activities are now conducted through mobile applications
On the security measures, he said that two-factor authentication using one-time passwords was made mandatory for transactions in 2008.
Later debit and credit alerts through SMS and emails were made compulsory. It serves as both transaction confirmations and fraud prevention tools.
However, Vasudevan urged the public to remain cautious.
He reiterated that genuine bank calls are made only from numbers beginning with the 1600 prefix, and official banking emails are sent exclusively from addresses ending with the ‘.bank.in’ domain.
This post was last modified on February 6, 2026 10:00 am